2 Answers

Hi, mostly like the initial $5,000 will have to be forfeited, and others will depend on the situation.

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Landon Chew
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In such a situation, where the buyers have decided to call off the marriage and go their separate ways after exercising the Option to Purchase (OTP) and entering into a legal binding agreement for the resale transaction of an HDB flat, several factors will come into play regarding compensation or damages:

1. **Forfeiture of Option Fee**: Typically, when exercising the OTP, buyers pay a non-refundable option fee to the sellers. If the buyers decide to terminate the agreement, they may forfeit this option fee unless there are exceptional circumstances or specific clauses in the agreement stating otherwise.

2. **Financial Losses**: Depending on the stage of the transaction and any expenses incurred by the sellers or their agents in preparing for the completion of the sale (e.g., legal fees, administrative costs, etc.), the buyers may be liable to compensate the sellers for any financial losses incurred due to the termination of the agreement.

3. **Negotiation**: The specific terms of the agreement and any applicable laws or regulations will determine the extent of compensation or damages that the buyers may be required to bear. In some cases, the parties may negotiate a mutually acceptable resolution to minimize financial losses for both parties.

4. **Legal Advice**: It's advisable for both the buyers and sellers to seek legal advice from qualified professionals, such as real estate lawyers or solicitors, to understand their rights and obligations under the agreement and explore potential options for resolution.

Ultimately, the amount of compensation or damages that the buyers may have to bear will depend on various factors, including the terms of the agreement, any applicable laws or regulations, and the circumstances surrounding the termination of the transaction.
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